Grayscale Updates HYPE ETF Filing, Appoints Anchorage Digital Bank as Custodian

Grayscale submitted an updated HYPE ETF filing to the U.S. Securities and Exchange Commission (SEC) on April 20, 2026 (Monday), naming Anchorage Digital Bank as the primary custodian, replacing Coinbase, which had served as the primary broker and custodian in the prior filing. If approved by the SEC, the fund will trade on Nasdaq under the ticker symbol GHYP.

HYPE ETF Amendment Filing Details

(Source: SEC)

According to the SEC filing submitted by Grayscale on Monday, the key revisions are as follows: Anchorage Digital Bank will replace Coinbase as the primary custodian for the HYPE ETF; BNY Mellon will continue to serve as the transfer agent; the fund’s staking options are still pending regulatory approval; and pricing will use CoinDesk Hyperliquid Benchmark Extended Rate data.

Grayscale submitted the initial filing for the HYPE ETF on March 20, 2026; other asset managers such as 21Shares had previously submitted related proposals by the end of 2025. Previously, in August 2025, Grayscale had designated Anchorage as the secondary custodian for its Bitcoin and Ethereum trust funds, while Coinbase remained the primary custodian for those trust funds.

Anchorage Digital Bank Update and Valuation

According to public disclosures, Anchorage Digital Bank is the first federally chartered crypto bank in the United States, founded in 2017. Tether completed a $100 million strategic equity investment in Anchorage in February 2026, bringing Anchorage’s valuation to $4.2 billion; previously, Anchorage’s valuation in its Series D financing completed in 2021 was $3.0 billion, with a financing size of $350 million. Bloomberg reported that Anchorage is preparing to go public.

According to a report by The Block, last month Anchorage became the first U.S. crypto institution to complete the Tron integration after opening an investigation at the SEC into Tron founder Justin Sun, and it plans to launch a Tron staking service.

Background on Hyperliquid and the HYPE ETF

According to the Grayscale filing, HYPE is the native token of Hyperliquid’s decentralized perpetual futures trading exchange; according to The Block’s data, Hyperliquid is the largest on-chain decentralized exchange (DEX) by trading volume. Hyperliquid currently restricts access for users in the United States, and Coinbase listed HYPE in February 2026. In addition, Grayscale has recently also submitted fund applications covering Binance (BNB), Zcash, and Chainlink.

Frequently Asked Questions

What are the core changes in Grayscale’s HYPE ETF update filing from Monday?

According to the updated filing Grayscale submitted to the SEC on April 20, 2026, Anchorage Digital Bank will replace Coinbase as the primary custodian for the HYPE ETF, and BNY Mellon will remain the transfer agent; the staking options are still subject to regulatory approval, and if approved, the fund will trade on Nasdaq under the GHYP ticker symbol.

What is Anchorage Digital Bank’s current valuation and financing situation?

According to public disclosures, Tether made a $100 million strategic investment in Anchorage in February 2026, bringing its valuation to $4.2 billion; Anchorage’s 2021 Series D financing had a size of $350 million and a valuation of $3.0 billion; Bloomberg reported that Anchorage is preparing to go public.

When was Grayscale’s initial application for the HYPE ETF submitted?

According to records in the SEC filings, Grayscale submitted the initial application for the HYPE ETF on March 20, 2026, and submitted the updated amended version on April 20, 2026 (Monday).